IFCI Limited, the financial creditor, filed a company petition against Kumar's Metallurgical Corporation Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had approached the financial creditor for credit facilities to set up a sponge iron plant and implement a forward integration scheme. The financial creditor, along with other institutions, sanctioned credit facilities. The corporate debtor defaulted on repayment, leading to the filing of the petition. The corporate debtor acknowledged its debt in various communications but cited financial difficulties and closure of its factory. The financial creditor argued that the debt was within
…IFCI Limited (Financial Creditor) filed a petition against Kumar's Metallurgical Corporation Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor approached IFCI for credit facilities to establish a 60,000 tpa capacity coal-based sponge iron plant and a 1.25 lakhs tpa long steel products manufacturing unit. IFCI sanctioned credit facilities aggregating Rs. 2397 Lakhs. The Corporate Debtor executed various loan agreements, including a First Rupee Loan Agreement dated 31.01.1991, agreeing to create a first charge on immovable property. Further rupee term loans were sanctioned on 01.07.1992, 03.06.1993, 30.10.1993 and 26.12.1995. The Corporate Debtor committed default, leading IFCI to file an OA before the Debt
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IFCI Limited, the financial creditor, filed a company petition against Kumar's Metallurgical Corporation Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had approached the financial creditor for credit facilities to set up a sponge iron plant and implement a forward integration scheme. The financial creditor, along with other institutions, sanctioned credit facilities. The corporate debtor defaulted on repayment, leading to the filing of the petition. The corporate debtor acknowledged its debt in various communications but cited financial difficulties and closure of its factory. The financial creditor argued that the debt was within
…IFCI Limited (Financial Creditor) filed a petition against Kumar's Metallurgical Corporation Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor approached IFCI for credit facilities to establish a 60,000 tpa capacity coal-based sponge iron plant and a 1.25 lakhs tpa long steel products manufacturing unit. IFCI sanctioned credit facilities aggregating Rs. 2397 Lakhs. The Corporate Debtor executed various loan agreements, including a First Rupee Loan Agreement dated 31.01.1991, agreeing to create a first charge on immovable property. Further rupee term loans were sanctioned on 01.07.1992, 03.06.1993, 30.10.1993 and 26.12.1995. The Corporate Debtor committed default, leading IFCI to file an OA before the Debt
…The Respondent/Corporate…
The Respondent/Corporate…